Tax Deductions, Cost of Goods Sold (COGS)

[Podcast] One Simple Trick for Cutting Your State Taxes in Half

BakerHostetler on 10/14/2021

Texas taxes retailers and wholesalers at half the rate of other taxpayers. Matt Hunsaker breaks down the recent Xerox franchise tax case and what it may mean for leasing companies trying to qualify as retailers or...more

The Tax Court in Brief - August 2021 #3

Freeman Law on 8/27/2021

Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose. The Week of August 9 – August 13, 2021 - Manuelito B. Rodriguez &...more

Cannabis Business Takes Position That § 280E Is Unconstitutional – And It’s Like a Grocery Store For Adults

Burr & Forman on 6/10/2020

Cannabis (or marijuana) dispensaries have long stated that they are subjected to harsher tax consequences under the Internal Revenue Code (“IRC” or “Code”) than their “legal” counterparts. Specifically, they have argued, in...more

Texas Trifecta – Texas Supreme Court issues three decisions on cost of goods sold deductions

Eversheds Sutherland (US) LLP on 4/8/2020

On Friday, April 3 the Texas Supreme Court issued three decisions addressing the availability and scope of the cost of goods sold, or “COGS,” deduction. Hegar v. American Multi-Cinema Inc. - The first, and most...more

Growing Pains with Medical Marijuana Taxation - Cannabis Industry News Alert

Bradley Arant Boult Cummings LLP on 1/9/2020

More and more states across the South are adopting medical marijuana regimes. With this growth comes growing pains. One such pain for marijuana businesses is the tension between following state laws on a product that is still...more

Section 280E Remains a Problem for Maryland Cannabusinesses: How to Minimize Taxable Income through Proper Classification of...

Rosenberg Martin Greenberg LLP on 2/15/2019

The Maryland Medical Cannabis Commission (“the MMCC”) recently reported to the Maryland legislature on “the deleterious effects of the federal tax code on medical cannabis businesses.” As stated in its report, I.R.C. § 280E...more

Cannabis, Business Expenses, And The Code

Farrell Fritz, P.C. on 6/25/2018

Last week’s post may have left some readers feeling lightheaded or anxious. It is highly unlikely that this week’s post will leave these individuals in a greatly altered state, though it may alleviate their condition to some...more

Tax Deductions › Cost of Goods Sold (COGS)